Use the information below to answer the following question The Boxwood Company sells blankets for $60 each The following was taken from the inventory records during May The company had no beginning inventory on May 1 Date Blankets Units Cost May 3 Purchase 5 $20 10 Sale 3 17 Purchase 10 $24 20 Sale 6 23 Sale 3 30 Purchase 10 $30 Assuming that the company uses the perpetual inventory system, determine the gross profit for the sale of May 23 using the FIFO inventory cost method a $180 b $72 c $108 d $120

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Question: Use the information below to answer the following question. The Boxwood Company sells blankets for $60 each. The following was taken from the inventory records

Use the information below to answer the following question. The Boxwood Company sells blankets for $60 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1.

Date	Blankets	Units	Cost
May 3	Purchase	5	$20
10	Sale	3
17	Purchase	10	$24
20	Sale	6
23	Sale	3
30	Purchase	10	$30

Assuming that the company uses the perpetual inventory system, determine the gross profit for the sale of May 23 using the FIFO inventory cost method.

a. $180

b. $72

c. $108

d. $120

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